Blackrock Evergrande. Two of the worlds largest fund managers have emerged as early victims in the fallout of the China Evergrande crisis as investors swiftly departed BlackRock and Fidelity International funds. BlackRock Inc and Royal Bank of Canadas BlueBay Asset Management are among asset managers exposed to embattled developer China Evergrande Group while TCW and HSBC funds have closed positions.
For example BlackRocks most exposed fund to China Evergrande Group stocks the BGF Asian High Yield Bond maintains 1 double the 05 weighting in the most used Asian credit index in the sector JPMorgan and 313 million shares more than at the end of 2020. Investors are worried both about the default. In an analysis Morningstar published on Sept.
Is the worlds largest asset manager with just over 9 trillion under management.
Blackrock HSBC and UBS have been accumulating Evergrande bonds over the past few months. Is the worlds largest asset manager with just over 9 trillion under management. Between January and August 2021 BlackRock acquired 313 million notes of Evergrandes debt Reuters reported. Concerns that Evergrande might not pay its bonds this month triggered selling of other companies in the countrys property sector weighing down.